Mumbai, Sep 3 (SocialNews.XYZ) Chief Minister Devendra Fadnavis on Thursday said that Maharashtra is on the verge of realising its goal of becoming a $1 trillion economy.
While the current growth rate of 8.8% is encouraging, the state needs to surpass the 10% mark to comfortably hit the target, he stated.
Addressing queries regarding the growth trajectory required to achieve the $1 trillion mark by 2030, CM Fadnavis at the infra conclave organised by Marathi TV channel highlighted Maharashtra's lead over other states pursuing similar ambitions.
"If any state is closest to achieving the $1 trillion dream today, it is Maharashtra, as our economy has reached $660 billion. We are very close to the trillion-dollar milestone. If we maintain a sustained growth rate, we will undoubtedly become a $1 trillion economy by 2030," he said.
Fadnavis noted that while major global economies are growing at modest rates of 2% to 2.5%, and despite global challenges like the oil crisis, India is growing at 7.8% and Maharashtra at 8.8%.
"Our expectation is double-digit growth. Our nominal growth rate is close to 11%, which puts us in double digits. However, nominal growth alone isn't the sole metric when aiming for a $1 trillion economy, as we must balance inflation and currency exchange rates. While 8.8% is a solid growth rate in the current climate, our effort will certainly be to cross the 10% threshold," he added.
When asked whether the target will be met strictly by 2030, CM Fadnavis explained the impact of global currency fluctuations. Based on the Rupee-Dollar exchange rate at the time the target was originally announced, the goal might have been reached as early as 2029. However, the global oil crisis has caused significant shifts in exchange rates.
"Since our goal is denominated in US dollars, changes in dollar value naturally shift the target line. I remain confident that we will achieve this by 2030. Even if we fall slightly short, it will certainly be accomplished by 2031," the Chief Minister remarked.
Earlier, Fadnavis declared Maharashtra as the nation’s primary "growth engine", highlighting its pivotal role in building a developed India. He outlined key economic achievements, agricultural welfare schemes, and long-term infrastructure goals aimed at transforming Maharashtra’s industrial and rural landscape. Positioned as India's largest economy and startup capital, the state continues to lead in attracting domestic and Foreign Direct Investment (FDI), creating significant employment opportunities for the youth, said the Chief Minister.
To decentralise development, the administration aims to turn every district into an independent growth engine. Currently, 13 districts have achieved their projected development targets, with special focus extended to remote regions such as Gadchiroli, Palghar, and Nandurbar.
Determined to secure the state's water future, the Chief Minister pledged to eliminate drought conditions for upcoming generations. Through comprehensive river-linking projects, water will be routed to historically vulnerable regions, including Marathwada, Vidarbha, North Maharashtra, and drought-prone belts of Western Maharashtra.
Source: IANS
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